The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jonathan Jenkins, CFA - Oppenheimer & Co Inc - Analyst
: Hi, good morning, thank you for taking my questions. First one for me, maybe for Chris. On the group side, is there anything worth calling out in
terms of the shortening booking window, increased cancellations or attrition? Any trends or variability worth calling out outside of pace in light
of that macroeconomic volatility that's out there.
Question: Jonathan Jenkins, CFA - Oppenheimer & Co Inc - Analyst
: Okay. That's great to hear. And then maybe on a similar line, can you help us think about how much inbound international exposure you have in
the portfolio and if you're seeing any impact there?
Question: Jonathan Jenkins, CFA - Oppenheimer & Co Inc - Analyst
: Okay. I appreciate the color. And then switching gears to expenses. The EBITDA margin was better than we were thinking. I'm curious how you
think about the opportunity in the near term to grow margin?
Does it necessitate an environment with rate-driven RevPAR growth? Or can you do that if RevPAR is flat? And maybe as a follow-on, any color on
kind of what the opportunity is or how you think about the opportunity to further reduce costs and manage margins back to 2018, 2019 levels?
Question: Jonathan Jenkins, CFA - Oppenheimer & Co Inc - Analyst
: Excellent. And then maybe last one for me, if I could. On the Magnificent Mile conversion, can you just provide some additional color on the
conversion, why it makes sense, the immediate uplift opportunity that was talked about? And also maybe too early to tell, but what kind of CapEx
spend we should expect on that?
Question: Jonathan Jenkins, CFA - Oppenheimer & Co Inc - Analyst
: Okay, very helpful thank you for all the color that's all from me.
Question: Michael Bellisario - Robert W. Baird & Co Inc - Analyst
: Thanks, good morning everyone. First question is just on the preferred redemptions, probably for Deric here. But I mean how much can you buy
back? Do you have to wait for shareholders to put in for redemptions? Can you actively seek out shareholders through your broker-dealer network?
Just trying to understand the mechanics there and maybe what the limiting factor is in terms of how much you can actually repurchase?
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MAY 08, 2025 / 3:00PM, BHR.N - Q1 2025 Braemar Hotels & Resorts Inc Earnings Call
Question: Michael Bellisario - Robert W. Baird & Co Inc - Analyst
: Got it. So it seems like your limiting factor is more just sort of timing and sequencing of when the issuance occurred relative to when you can maybe
repurchase it two or three years down. Okay. Understood.
And then a separate topic, just on asset sales, Richard, maybe can you just provide an update on what you're seeing in the marketplace and how
you expect asset sale proceeds to be utilized?
Question: Michael Bellisario - Robert W. Baird & Co Inc - Analyst
: That's all for me. Thank you.
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MAY 08, 2025 / 3:00PM, BHR.N - Q1 2025 Braemar Hotels & Resorts Inc Earnings Call
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